Friday, Oct. 31, 2008

Analysis of Fairfax County Affordable Housing Programs and Funding Sources in FY 2008

Fairfax County, through significant financial investments in affordable housing programs, continues to serve a wide spectrum of households with a broad range of incomes.  The total investment by Fairfax County in affordable housing programs in FY 2008, based on the FY 2008 revised budget, was $106,500,621.  In the Department of Housing and Community Development (HCD), the largest portion of that investment – more than $56 million or 53% in FY 2008 – is going to households earning 30 percent or below of the current Area Median Income (AMI) of $99,000.  In addition, no program or preserved property in FY 2008 had an average income or rent affordability over 80% of the AMI.

Additional highlights of the FY 2008 report include: 

1. Income Levels Being Served: 
1. In total, $72,986,669, or 68 percent, of the county’s FY 2008 affordable housing investments went to programs with average incomes served of 50 percent of AMI and below ($49,500 and less for a family of four). 
2. Households Served:  Examples of the number of people served in FY 2008 by Fairfax County’s affordable housing programs include:
1. Fairfax County Rental Program (FCRP): 4,941 persons housed
2. Public Housing:  2,878 persons housed
3. Housing Choice Voucher Program:  8,264 persons housed
4. Total new Fairfax County homebuyers: 152
3. Units Preserved:  A total of 812 units of affordable housing were preserved in FY 2008; a total of 2,224 units were preserved under the Board of Supervisors’ Affordable Housing Preservation Initiative as of the end of FY 2008. 

To see a full version of the report, please click here.